1ST DVision: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
1ST DVision
Largest movements
- Cash -€38,179
down €38,179 (-97.3%), from €39,235 to €1,057
mainly Investment in fixed assets (net) (-€45,911) and Net result for the year (-€39,421)
- Receivables within one year +€27,507
up €27,507 (+25.0%), from €110,006 to €137,514
of which Trade receivables: +€36,002
- Tangible fixed assets +€8,950
up €8,950 (+7.0%), from €127,757 to €136,706
of which Assets under construction and advance payments: +€25,256
- Intangible fixed assets -€6,694
down €6,694 (-100%), from €6,694 to €0
- Deferred charges and accrued income +€3,998
up €3,998 (+54.2%), from €7,372 to €11,369
- Trade debts +€49,203
up €49,203 (+101%), from €48,666 to €97,869
- Profit (loss) carried forward -€39,421
down €39,421, from €17,453 to -€21,968
- Accrued charges and deferred income -€28,658
down €28,658 (-100%), from €28,658 to €0
- Current portion of long-term debt +€9,615
up €9,615 (+35.6%), from €27,017 to €36,632
- Debts after one year +€8,958
up €8,958 (+10.8%), from €82,754 to €91,712
- Gross operating margin -€79,575
down €79,575 (-22.0%), from €362,163 to €282,588
- Staff costs +€14,641
up €14,641 (+6.0%), from €244,968 to €259,609
- Depreciation +€6,736
up €6,736 (+18.2%), from €36,920 to €43,656
- Taxes -€6,381
down €6,381 (-93.9%), from €6,799 to €417
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €294,364 | €289,946 | -€4,418 | -1.5% |
| Fixed assets | 21/28 | €137,751 | €140,006 | +€2,255 | +1.6% |
| Intangible fixed assets | 21 | €6,694 | €0 | -€6,694 | -100% |
| Tangible fixed assets | 22/27 | €127,757 | €136,706 | +€8,950 | +7.0% |
| Land and buildings | 22 | €25,200 | €21,887 | -€3,313 | -13.1% |
| Plant, machinery and equipment | 23 | €17,104 | €24,291 | +€7,187 | +42.0% |
| Furniture and vehicles | 24 | €24,167 | €18,230 | -€5,937 | -24.6% |
| Leasing and similar rights | 25 | €46,496 | €32,252 | -€14,244 | -30.6% |
| Assets under construction and advance payments | 27 | €14,790 | €40,046 | +€25,256 | +171% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €156,613 | €149,940 | -€6,674 | -4.3% |
| Amounts receivable within one year | 40/41 | €110,006 | €137,514 | +€27,507 | +25.0% |
| Trade receivables | 40 | €94,577 | €130,578 | +€36,002 | +38.1% |
| Other amounts receivable | 41 | €15,430 | €6,935 | -€8,494 | -55.1% |
| Cash at bank and in hand | 54/58 | €39,235 | €1,057 | -€38,179 | -97.3% |
| Deferred charges and accrued income | 490/1 | €7,372 | €11,369 | +€3,998 | +54.2% |
| Total equity and liabilities | 10/49 | €294,364 | €289,946 | -€4,418 | -1.5% |
| Equity | 10/15 | €34,453 | -€4,968 | -€39,421 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,453 | -€21,968 | -€39,421 | |
| Amounts payable | 17/49 | €259,911 | €294,914 | +€35,003 | +13.5% |
| Amounts payable after more than one year | 17 | €82,754 | €91,712 | +€8,958 | +10.8% |
| Financial debts | 170/4 | €82,754 | €91,712 | +€8,958 | +10.8% |
| Amounts payable within one year | 42/48 | €148,500 | €203,202 | +€54,702 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €27,017 | €36,632 | +€9,615 | +35.6% |
| Financial debts | 43 | €0 | €752 | +€752 | |
| Credit institutions | 430/8 | €0 | €752 | +€752 | |
| Trade debts | 44 | €48,666 | €97,869 | +€49,203 | +101% |
| Suppliers | 440/4 | €48,666 | €97,869 | +€49,203 | +101% |
| Taxes, remuneration and social security | 45 | €72,817 | €67,948 | -€4,869 | -6.7% |
| Taxes | 450/3 | €36,473 | €21,510 | -€14,963 | -41.0% |
| Remuneration and social security | 454/9 | €36,344 | €46,439 | +€10,095 | +27.8% |
| Accrued charges and deferred income | 492/3 | €28,658 | €0 | -€28,658 | -100% |
| Remuneration, social security and pensions | 62 | €244,968 | €259,609 | +€14,641 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,920 | €43,656 | +€6,736 | +18.2% |
| Other operating charges | 640/8 | €2,826 | €6,327 | +€3,500 | +124% |
| Non-recurring operating charges | 66A | €0 | €918 | +€918 | |
| Gross operating margin | 9900 | €362,163 | €282,588 | -€79,575 | -22.0% |
| Operating profit (loss) | 9901 | €77,448 | -€27,922 | -€105,370 | |
| Financial income | 75/76B | €112 | €295 | +€183 | +163% |
| Recurring financial income | 75 | €112 | €295 | +€183 | +163% |
| Financial charges | 65/66B | €10,653 | €11,377 | +€724 | +6.8% |
| Recurring financial charges | 65 | €10,653 | €11,377 | +€724 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €66,907 | -€39,004 | -€105,911 | |
| Income taxes | 67/77 | €6,799 | €417 | -€6,381 | -93.9% |
| Profit (loss) for the period | 9904 | €60,108 | -€39,421 | -€99,529 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,108 | -€39,421 | -€99,529 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.